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The industry association has formed a new partnership with an international money transfer platform, aimed at providing members with new income options amid the COVID-19 crisis.
The Finance Brokers Association of Australia (FBAA) has announced that it has partnered with SendFX, an international money transfer company.
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According to FBAAA managing director Peter White, the partnership would provide brokers with new income options by paying brokers a commission upon settlements of a SendFX transaction by a client.
“We should take advantage of partnerships like this and keep increasing our services,” Mr White said.
Send co-founder Ian Cragg welcomed the new partnership, stating that it would be particularly helpful for brokers and their clients amid the current COVID-19 crisis.
“Collaborating and working together to help each other in times like this is as important as ever,” he said.
“By offering cheaper, faster and better international payments than the banks, Send helps thousands of Australians transfer money more efficiently and cost-effectively.
“An increasing reason at the moment, given the current climate, are money transfers to support family members around the world who are struggling financially with the COVID-19 outbreak.”
The announcement follows the release of the FBAA’s broker support package.
The support package offers members the option of paying for their membership fees over three instalments rather than paying the fee in one lump sum.
Further, the FBAA has said it will freeze the annual review of membership fees until after July 2021.
The package also provides brokers with marketing assets and materials they can use to help generate more business from their databases.
[Related: FBAA releases broker support package]
